Greaves Cotton surged 10.62% to Rs 253.55 after the company's material subsidiary, Greaves Electric Mobility (GEML) has filed a draft red herring prospectus (DRHP) with regulatory organizations in connection with its initial public offering.
The company has filed DRHP with Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).The company will issue fresh equity shares aggregating upto Rs 1,000 crore and offer for sale (OFS) up to 5,10,00,000 equity shares and 13,83,98,200 equity shares by Abdul Latif Jameel Green Mobility Solutions DMCC.
Greaves Cotton is a multi-product and multi-location engineering company. The company is a leading name in fuel agnostic powertrain solutions, e-mobility, aftermarket & retail.
The company reported a consolidated net loss of Rs 14.33 crore in Q2 FY25 as against a net loss of Rs 379.59 crore posted in Q2 FY24. Income from operations fell by 3% YoY to Rs 705 crore during the quarter.
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